Presently the demand for entrepreneurs and small and medium sized ventures is constantly increasingly with a general increase in gig and platform economies. With a systematic replacement of traditional businesses with revolutionary start-ups, e.g. Uber over Taxicabs, the ways to define success of new ventures have also changed. However, when the ways to succeed in contemporary business environment are discussed, new and traditional methods of success are equally important. The foundations of businesses lie in planning, organizing, successful marketing and sales, and the foundations are same for emerging businesses in the contemporary economies. However the ways to plan, organize, successfully market and sell are constantly changing, therefore we have compiled list of 10 ways that entrepreneurs of today can employ to succeed in the contemporary business environment.
1. Competitive Edge
According to James Steven, “Eventually your business accomplishments will somehow magically be discovered and embraced, it is important to go the extra mile and put in the work necessary that sets you apart from everyone else.”
Competitive advantage or competitive edge is process of gaining an edge over your competitors, and in order to gain competitive advantage, you need to analyze your business with three questions:
What does your company do?
How is your product delivery process executed?
What do you offer that your competition does not?
The reason why competitive advantage is important for success in contemporary business environment is because sometimes a customers would possible choose you over your competitor; is your product differentiation or you having a competitive edge over your competitor and vice-versa. So it is important for entrepreneurs to set themselves apart, and create success on a “foundation of superiority and strength.”
Innovation is a term coined by everyone and usually heard with the word success or key to success. The question that arises is, if innovation is actually a key to success?, and Schumpeter answers the questions very simply,
“The fundamental impulse that sets and keeps the capitalist engine in motion comes from new consumer goods, the new markets, the new forms of business organization that capitalist enterprise creates.”
So innovation is not a new concept, as the world keeps progressing demands for goods and services keeps changing, and customers look for new products and markets. Innovation is not just introducing new products and services, but implementing new management ideas, marketing ideas, sales techniques also come under the cap of innovation, and in the contemporary business environment with an uncontrollable flow of information to customers, entrepreneurs need to be innovative to succeed. The fundamental of businesses i.e. honesty, integrity, quality products and services stay the same for businesses, but consumers are looking for more now, therefore entrepreneurs need to implement smart innovative solutions in their ventures to succeed.
Word of mouth has been an effective medium of marketing for centuries, and in contemporary business environment it is equally important. In order to promote themselves entrepreneurs need to connect with and promote themselves in the business community. Networking does not only allow businesses to promote themselves, but it also allows entrepreneurs to learn new techniques and strategies that they can implement in their business to succeed.
4. Effective Negotiation
Master the arts of negotiation to protect your interests and finances if you want to succeed in the contemporary business environment, because as an entrepreneur you can face serious challenges to succeed in the industry and in order to overcome obstacles and difficult situations that could halt your success it is important for you to master the art of effective negotiation and protect your interests.
5. Sell Benefits not Products
Consumers are more aware today and they are interested in knowing the benefits of the products more than the product details. So traditional ways of selling do not work in the contemporary entrepreneurship environment. Consumers are more aware now and as an entrepreneur you need to show consumers how exactly they can benefit from your product, and they will be interested in purchasing the products more. The reason why entrepreneurs need to focus on selling benefits rather than products is because customers are expecting much more than just products and services, they want meaningful and easy interactions with the companies they are purchasing from. Show customers how they can save their time and costs by working with you and succeed in the challenging contemporary marketplace.
6. Become an Expert
Customers feel comfortable when they like and respect the people they work with. In order to build customers trust, become an expert in your area, and show your skills and knowledge through your work. Timely deliveries, expert advice and quality work will automatically help you attract customers, and people will seek you out for your skill and knowledge. Follow this mantra for continuous success in contemporary business environment, “Knowledge is Power Successful people in the world never stop investing in the most vital resource they have; themselves.” Invest in yourself and work on constant improvement and see the positive results yourself.
7. Stay Updated
In the sales section previously we have mentioned that it is important to show customers how you provide them with better experiences and help them save time and cost. With continuously updating technology and smart integrated solutions, it is important for entrepreneurs of today to stay updated with the latest trends and techniques, whether it is sales, marketing or customer experience, if you are updated in your field you are likely to implement smart solutions that will bridge the gap between you and your customers and help you succeed.
8. Follow up
This is a traditional yet an effective strategy for contemporary entrepreneurs. Showing your customers you care by following up is the way to build their trust in you and your business. In addition, new methods of feedback and follow up allow customers to share valuable experiences with you, and those experiences provide you with customers’ insights that you can use to design and implement strategies of improvement. If you are looking to gain competitive edge over your competitors, following up with your customers and showing them you care could make all the difference.
9. Plan, Organize, Market
Entrepreneurship in contemporary business environment is innovative yet it requires traditional planning of management and finances. In order to make any venture a success, it is important for entrepreneurs to plan in advance, and implement those strategies. Entrepreneurs of today need a vision and then make plans according to that vision to be successful. If you do not plan in advance you will not be able to succeed, you have probably heard the saying, “if you don’t know where you are going any road will get you there.” However, in businesses especially in today’s challenging environment a well-planned strategy is crucial for succeeding, so design a refined vision and mission for your business, once you have a set vision and mission design goals, objectives and strategies to achieve that vision and mission. If you are a new entrepreneur, breaking your activities into smaller tasks will help you achieve a long term and sustainable growth in the industry, and you can become an entrepreneur with an established place in the market.
10. Leverage the Power of Technology
Technology is one of the best and one of the worst gifts of this century, but for new entrepreneurs with young energy and innovative ideas leveraging technology is the key to success. Integrate small technological business solutions and improve your customers experiences with you, if your customer feels that it is easy to work with you because of your hassle free processes, they are bound to come back and that could be all the difference you need from your competitors to succeed in the challenging business environment of today.
Contemporary business environment is all about time and cost saving of customers. Customers have hundreds of options to choose from with a growing number of start-ups, and with increasing businesses it could be difficult for some entrepreneurs to succeed. However, if entrepreneurs of today leverage all the networking opportunities, technological innovations, knowledge pool and marketing options of today, they can reach the right audience at the right time. The key to success in the contemporary business environment is reaching the right audience at the right time and showing them what you can do for them, if they are convinced on the benefits you can provide them, you will be able to succeed even with multitude of competitors in the marketplace.
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